levin human capital consulting group macro environment ... · - 3 - levin human capital consulting...

Levin Human Capital Consulting Group

Macro Environment Study of Hong Kong

- 1 -


Executive Summary

1 Macro Pictures of Hong Kong

1.1 Political Framework

2 Economic Scenario

2.1 Gross Domestic Production (GDP)

Nominal GDP of HK

0

400

800

1200

1600

2000

1990

1993

1996

1999

2002

2005

2008

2011

(Q3)

bil.HK $

GDP in main Expenditure Components

-200,000

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1990

1993

1996

1999

2002

2005

2008

2011

mil.HK$

Private consumptexpend

Govern consumptexpend

Gross domestf ixed capital

(Ex.- Im.)

GDP in Economic Activities

0

100,000

200,000

300,000

400,000

500,000

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

mil. HK$

Import/export, w holesale and retail trades Public administration, social and personal services

Financing and insurance Real estate, professional and business services

Ow nership of premises Transportation, storage, postal and courier services

Accommodation and food services Construction

Information and communications Electricity, gas and water supply, and waste management

Manufacturing Agriculture, f ishing, mining and quarrying

2.2 Pillar Industries

The Four Key Industries in HK Economy

0

400,000

800,000

1,200,000

1,600,000

1997

1999

2001

2003

2005

2007

2009

mil.HK$

GDP at current factor cost

Professional Services andOther Producer Services

Trading and Logistics

Tourism

Financial services

Employment in the Four Key Industries

0

500 000

1 000 000

1 500 000

2 000 000

2 500 000

3 000 000

3 500 000

1997

1999

2001

2003

2005

2007

2009

personnel

Total employment



Tourism

Financial services

Value Added of Financial Services

0

50,000

100,000

150,000

200,000

1997 1999 2001 2003 2005 2007 2009

mil.HK$

Banking

Insurance

Other financial services (e.g. stockbrokerage, asset management,finance leasing and investment andholding companies)

- 2 -



Value Added of Tourism

0

3,000

6,000

9,000

12,000

15,000

1997 1999 2001 2003 2005 2007 2009

mil.HK$ Retail trade

Accommodation serv ices

Food and bev erage serv ices

Cross-boundary passengertransport serv ices （inbound)

Others

Trav el agency , reserv ationserv ice and related activ ities

Cross-boundary passengertransport serv ices (outbound)

Value Added of Trading and Logistics

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

1997 1999 2001 2003 2005 2007 2009

mil.HK$ Wholesale trade

Import and export trade

Freight transport andstorage services

Postal and courierservices

Value Added of Professional Services &Other Producer Services

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

1997 1999 2001 2003 2005 2007 2009

mil.HK$Legal, accounting and auditingserv ices

Architecture and engineeringactiv ities, technical testingand analy sis; scientif icresearch and dev elopment; managementand management consultancyactiv itiesOther prof essional serv ices (e.g. inf ormation technologyrelated serv ices, adv ertisingand specialised designserv ices)

2.3 Money Supply, Interest Rate & CPI

Saving rate and lending rate for less than HK$ 100,000

0

2

4

6

8

10

12

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

(M10

)

%

Savingsdeposit rate

Best lendingrate

Consumer Price Indices

90

100

110

120

130

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

(M10

)

(Yr2005 = 100)

3 Population

Population and Growth Rate

- 0.5

0.0

0.5

1.0

1.5

2.0

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

0

1000

2000

3000

4000

5000

6000

7000

8000

NaturalPopulationChange (%)(left)

Personnel('000) (right)

- 400.0

- 300.0

- 200.0

- 100.0

0.0

100.0

200.0

300.0

400.0

0 -4

5 -9

10-

14

15-

19

20-

24

25-

29

30-

34

35-

39

40-

44

45-

49

50-

54

55-

59

60-

64

65-

69

70-

74

75-

79

80-

84

>=85

Population by gender and age group (Mid-2011)

Male ('000)

Female ('000)

Population Aged 15 and Over by Educational Attainment (Highest Level Attended), 1996, 2001, 2006 and 2010

Number % of total Number % of total Number % of total Number % of total480 852 9.5 469 939 8.4 423 310 7.1 329200 5.2

3508338 69.2 3682443 65.7 3788469 64.0 4239400 69.3308 808 6.1 528 090 9.4 351 419 5.9 --- ---768520 15.2 918500 16.4 1361473 23.0 1554300 25.6

5 066 518 100.05 598 972 100.05 924 671 100.0 5529100 100.0

EducationalAttainment

1996 2001 2006

No schoolingPrimarySixth FormPost-secondaryTotal

2010

- 3 -



4 Social Matter

4.1 Crime Rate

Persons Arrested for Crime by Type of Offence

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2005 2006 2007 2008 2009 2010

personnel Violent crime against person

Violent crime against property

Burglary and thef t

Fraud and f orgery

Sexual of f ences

Serious narcotics of f ences

Of f ences against lawf ulauthority

Serious immigration of f ences

4.2 Natural Environments

4.2.1 AirAnnual Averages of Daily Particulate Pollutants

0

400

800

1,200

1,600

2,000

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

ug/m3

Sulfur dioxide Nitrogen oxidesNitric oxide Nitrogen dioxideCarbon monoxide OzoneTotal suspended particulates RSP

4.2.2 Water

Water Quality Index for Selected Rivers from 1984 to 2010

0

2

4

6

8

10

12

14

16

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

Yuen LongCreek

Tuen MunRiver

Lam TsuenRiver

Shing MunRiver

Mui Wo River

Original Contents

Introduction

This is a study in evaluating the present

situation in Hong Kong in a macro view.

From this survey, it is believed that a better

understanding and analysis of Hong Kong’s

existing situation can help determine suitable

action for later business development.

Methodology

The macro-survey includes 5 areas. They are

Political, Economic, Population, Social and

Natural Environments. Some variables and the

corresponding quantifiers are listed out at the

start. Data from these perimeters are collected

and analysed in an objective manner. The

following sections are going to discuss these

issues.

1 Macro Pictures of Hong Kong

1.1 Political Framework

Hong Kong became a Special Administration

Region (SAR) of the People ‘s Republic of

China (PRC) on July 1, 1997. The basic law

of the HKSAR, which prescribes the system

to be practiced, came into effect on the same

day. The basic law in Hong Kong is equal to

constitution, all activities should comply with it.

- 4 -



Because Hong Kong was the colony of UK for

about 100 years, the concept of governance by

legislative, judiciary and executive is accepted

by most of the citizens. The government of

Hong Kong Special Administration Region also

takes it as the principle in its governance.

Exhibit 1 is the governance structure of SAR.

Exhibit 1

Source: www.gov.hk 2011

1.1.1 Legislative

The Legislative Council is the law-making

body of the Hong Kong Special Administrative

Region. It comprises 60 members, with 30

elected directly by geographical constituencies

and 30 elected by functional, occupation-

based constituencies. Apart from its law-making

function, the Legislative Council debates issues

of public interest, examines and approves

budgets, receives and debates the Chief

Executive's policy addresses, and endorses the

appointment and removal of the judges of the

Court of Final Appeal and the Chief Judge of

the High Court.

1.1.2 Executive

The Executive Council, presided over by the

Chief Executive, decides on matters of policy,

the introduction of bills to the Legislative Council

and the drafting of subordinate legislation.

The Council comprises 15 principal officials

and 14 non-official members. All members are

appointed by the Chief Executive from among

senior officials of the executive authorities,

members of the Legislative Council and public

figures. They serve for a period no longer than

the expiry of the Chief Executive's term of office.

1.1.3 Judiciary

The Basic Law ensures that Hong Kong remains

within the common law system. The judiciary is

independent from the legislative and executive

branches of government, with the courts

showing no bias. For the most serious types

of criminal offences, a jury decides whether

the accused is guilty or not, with a majority

vote required. The Court of Final Appeal is the

highest appellate court and is headed by the

Chief Justice.

- 5 -



According to Wikipedia – Politics - As an

academic discipline, “political science, the

study of politics, examines the acquisition

and application of power. Political scientist

Harold Lasswell defined polit ics as "who

gets what, when, and how". Related areas

of study include political philosophy, which

seeks a rationale for politics and an ethic of

public behaviour, political economy, which

attempts to develop understandings of the

relationships between politics and the economy

and the governance of the two, and public

administration, which examines the practices

of governance.” (Sources: http://en.wikipedia.

org/wiki/Politics#As_an_academic_discipline)

Hong Kong has a good system to balance the

governance and the examination.

2 Economic Scenario

2.1 Gross Domestic Production (GDP)

The logic in this economic aspect is to look

at GDP, Pillar Industries and money supply of

Hong Kong. Through these three factors, a brief

and essential economic picture of Hong Kong

can be described. From here, a more accurate

and objective approach of further action can be

planned.

GDP is a very significance factor that measures

economic activit ies of a place. The GDP

diagram is shown in Exhibit 2.

Exhibit 2

Nominal GDP of HK

0

400

800

1200

1600

2000

1990

1993

1996

1999

2002

2005

2008

2011

(Q3)

bil.HK $

Source: H.K. SAR – Census and Statistics Depart. (2011)

Remark: according to .the previous data, although GDP

value for 2011(Q3) was 1387 bil.HKD, the number was

118.261 bil. HKD larger than that of 2010(Q3).

From Exhibit 2, one can see that the economy

of HK before 1997 was in the up trend sharply,

it matched the background that HK was the

only path to connect mainland China and the

world. From year 1997 to 2003, HK grew in a

slow way. After year 2003, the economy was

up again. In addition, there’s financial tsunami

happened in year 2008. But according to the

data, it seems that Hong Kong was not wound

in the event and has recovered from it now.

According to the curve, it reminds people that

the economic growth matches to the terms of

Donald Tsang acting as Chief Executive of Hong

Kong. Before that, he has 6 years experience

of assuming Financial Secretary of Hong Kong

from year 1995. So in Donald Tsang’s period, it

will be confident that a steady economy may be

maintained due to his valuable experience.

- 6 -



Exhibit 3 is the GDP value separated by main

expenditure.

Exhibit 3

GDP in main Expenditure Components

-200,000

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1990

1993

1996

1999

2002

2005

2008

2011

mil.HK$

Private consumptexpenditure

Govern consumptexpenditure

Gross domesticf ixed capital

(Ex.- Im.)


Remark: the data for year 2011 was evaluated value.

From exhibit 3, one can see that the curve of

Private Consumption Expenditure matches

quite well with the GDP value. The curve of

Government Consumption Expenditure takes

the role as supplement.

According to the data, it seems that the value of

(Ex – Im) will come down sharply in year 2011.

Europe debt crisis will affect the real economy in

Asia manufacturing and transportation sectors.

Exhibit 4 is the GDP value separated by

economic activities.

Exhibit 4

GDP in Economic Activities

0

100,000

200,000

300,000

400,000

500,000

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

mil. HK$

Import/export, w holesale and retail trades Public administration, social and personal services

Financing and insurance Real estate, professional and business services

Ow nership of premises Transportation, storage, postal and courier services

Accommodation and food services Construction

Information and communications Electricity, gas and water supply, and waste management

Manufacturing Agriculture, f ishing, mining and quarrying

Source: H.K. SAR – Census and Statistics Depart.(2011)

About two years ago, the current Chief

Executive decided to retire in year 2012. From

then on, he and his team took more and more

attention on the grassroots and the livelihood

issues. The Census and Statistics Department

has also made some changes. For example,

mining has become part of agr icul ture.

Accommodation and food services are no longer

parts of wholesale and retail trades. Financing

& insurance and real estate, professional &

business services are two different industries,

etc,.

According to exhibit 4, one can see that after

year 2008, there are three industries badly

hurt by the financial tsunami. These three

industries are “Import/export, Wholesale and

Retail Trades”, “Financing & Insurance” and

“Transportation, Storage, Postal and Courier

Services”.

- 7 -



Financing and Insurance industrial decline

matches with the world’s circumstance. To

Import/export, Wholesale and Retail Trades

industry and Transportation, Storage, Postal

and Courier Services industry, the decline and

increase due to Chinese policy stimulating

domestic demand. According to the mentioned

three curves, the slope rates are so similar that

the rise of Import/export, Wholesale and Retail

Trades industry and Transportation, Storage,

Postal and Courier Services industry can help

to render growth of Finance and Insurance

industry. The relationship between Financing

and Insurance industries and the other two

industries are complementary.

2.2 Pillar Industries

In the 2009-10 Policy Address, the Chief

Executive announced that HK had four key

industries, and in the future, these four key

industries were still the pillar industries of HK.

Exhibit 5 is the comparison of these four key

industries and GDP value.

Exhibit 5

The Four Key Industries in HK Economy

0

400,000

800,000

1,200,000

1,600,000

1997

1999

2001

2003

2005

2007

2009

mil.HK$

GDP at current factor cost



Tourism

Financial services


From the above Exhibit 5, one can see that the

four key industries composed about 60% of the

GDP value. In addition, financial services and

professional services & other producer services

have developed a lot compared with the last

decade.

Since they are key industries, their employment

figure is another important factor to display.

- 8 -



Exhibit 6 is it.

Exhibit 6

Employment in the Four Key Industries

0

500 000

1 000 000

1 500 000

2 000 000

2 500 000

3 000 000

3 500 000

1997

1999

2001

2003

2005

2007

2009

personnel

Total employment



Tourism

Financial services


The following exhibits are the details of these

four industries.

Exhibit 7

Value Added of Financial Services

0

50,000

100,000

150,000

200,000

1997 1999 2001 2003 2005 2007 2009

mil.HK$

Banking

Insurance

Other financial services (e.g. stockbrokerage, asset management,finance leasing and investment andholding companies)


Exhibit 8

Value Added of Tourism

0

3,000

6,000

9,000

12,000

15,000

1997 1999 2001 2003 2005 2007 2009

mil.HK$ Retail trade

Accommodation serv ices

Food and bev erage serv ices

Cross-boundary passengertransport serv ices （inbound)

Others

Trav el agency , reserv ationserv ice and related activ ities

Cross-boundary passengertransport serv ices (outbound)


Exhibit 9

Value Added of Trading and Logistics

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

1997 1999 2001 2003 2005 2007 2009

mil.HK$ Wholesale trade

Import and export trade

Freight transport andstorage services

Postal and courierservices


Exhibit 10

Value Added of Professional Services &Other Producer Services

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

1997 1999 2001 2003 2005 2007 2009

mil.HK$Legal, accounting and auditingserv ices

Architecture and engineeringactiv ities, technical testingand analy sis; scientif icresearch and dev elopment; managementand management consultancyactiv itiesOther prof essional serv ices (e.g. inf ormation technologyrelated serv ices, adv ertisingand specialised designserv ices)


- 9 -



According to above exhibits, one can see that

in year 2008, financial services industry was

badly wounded in the financial tsunami. As a

result, even the visitors shopped, ate and lived

in the same standard, they cut the budget in

transportation. But in year 2009, CPI increased

in a large way, visitors cut the meal budget too.

In addition, because the government decided

to put “Ten Major Infrastructure Projects” into

reality soon, “Architectural, surveying, project

engineering services; engineering and technical

services; and business management and

consultancy services” industries have greatly

improved.

2.3 Money Supply, Interest Rate & CPI

Hong Kong classifies money supply into three

types, M1, M2, and M3. There has been a

large increment of M2 money supply after year

2002, Exhibit 11 indicates many active business

operations, properly in investment market, have

been taken place.

Exhibit 11

Money Supply

01,000,0002,000,0003,000,0004,000,0005,000,0006,000,0007,000,0008,000,0009,000,000

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

(Q2)

mil. HK$

M1M2M3


M1 refers to the sum of legal tender notes and

coins held by the public plus customers demand

deposits placed with licensed banks.

M2 refers to the sum of M1 plus customers’

savings and t ime deposits with l icensed

banks, plus negotiable certificates of deposits

(NCDs) issued by licensed banks held by non-

authorized institutions.

M3 refers to the sum of M2 plus customer

deposits with restricted licence banks (RLBs)

and deposit-taking companies (DTCs) plus

negotiable certificates of deposits (NCDs)

issued by RLBs and DTCs held by non-

authorized institutions.

According to exhibit 11, even after the financial

tsunami, the government didn’t take measures

to turn down M2 and M3. On the contrary, the

government took the role to help and assure

enterprises to finance and come across this

tsunami.

Money Supply is correlated with change of

interest rate. Exhibit 12 is the detail of saving

rate and lending rate for less than HK$100,000.

- 10 -



Exhibit 12

Saving rate and lending rate for less than HK$ 100,000

0

2

4

6

8

10

12

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

(M10

)

%

Savingsdeposit rate

Best lendingrate


Consumer Price Index (CPI) is the reflection of

GDP value and money supply.

Exhibit 13 is the detail.

Exhibit 13

Consumer Price Indices

90

100

110

120

130

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

(M10

)

(Yr2005 = 100)


According to above three pictures, one can see

that although public deposit is larger and larger,

the saving rate is nil. Comparing with the rapid

growth of CPI, it can be imaged that living in

Hong Kong will be harsh.

According to above pictures, one can see

that economy in Hong Kong is a safe and

steady-going economy. Although government

announces that people should care about

recession, government would take all measures

to stabilize the economy.

3 Population

Mostly, the situation of population nowadays

reflects at lease two decades of the economy

in a place. Exhibit 14, 15 and Table 1 are the

population figure of HK.

Exhibit 14

Population and Growth Rate

- 0.5

0.0

0.5

1.0

1.5

2.0

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

0

1000

2000

3000

4000

5000

6000

7000

8000

NaturalPopulationChange (%)(left)

Personnel('000) (right)


According to the pass, population growth rate

will raise while economy is declining. On the

other hand, while economy grows, the situation

will change. From exhibit 14, one can see that

public is confident that economy in year 2011

will rise, though actual economic conditions

always prove it to be contrary.



- 11 -

Exhibit 15

- 400.0

- 300.0

- 200.0

- 100.0

0.0

100.0

200.0

300.0

400.0

0 -4

5 -9

10-

14

15-

19

20-

24

25-

29

30-

34

35-

39

40-

44

45-

49

50-

54

55-

59

60-

64

65-

69

70-

74

75-

79

80-

84

>=85

Population by gender and age group (Mid-2011)

Male ('000)

Female ('000)


Table 1Population Aged 15 and Over by Educational Attainment (Highest Level Attended), 1996, 2001, 2006 and 2010

Number % of total Number % of total Number % of total Number % of total480 852 9.5 469 939 8.4 423 310 7.1 329200 5.2

3508338 69.2 3682443 65.7 3788469 64.0 4239400 69.3308 808 6.1 528 090 9.4 351 419 5.9 --- ---768520 15.2 918500 16.4 1361473 23.0 1554300 25.6

5 066 518 100.0 5 598 972 100.0 5 924 671 100.0 5529100 100.0

2010

Post-secondaryTotal

2006

No schoolingPrimarySixth Form

EducationalAttainment

1996 2001


Remark: the data of year 2010 were the rough data, they

need to be further classify.

According to above information, one can see

that over half of people in Hong Kong have

finished primary education. In addition, Hong

Kong is a place where people can gain fast and

updated information. Hong Kong people always

impress the world by their smartness and

flexibility.

4 Social Matter

4.1 Crime Rate

The total number for crime cases and arrested

personnel shows the law and order level of an

area. In addition, it also tells which crimes are

common in those places.

Exhibit 16

Persons Arrested for Crime by Type of Offence

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2005 2006 2007 2008 2009 2010

personnel Violent crime against person

Violent crime against property

Burglary and thef t

Fraud and f orgery

Sexual of f ences

Serious narcotics of f ences

Of f ences against lawf ulauthority

Serious immigration of f ences

Source: H.K. SAR – Women and Men in Hong Kong Key

Statistics (2011)

According to exhibit 16, one can see that crime

rate in Hong Kong is very low. Comparing with

its political part, Hong Kong is a place very

suitable for living and doing business.

- 12 -



4.2 Natural Environments

The government and the environment protection

department are now conducting a review on the

marine air and water quality objectives. So the

data for air and water quality will be updated

later.

4.2.1 Air

Air Pollution is a main problem that Hong Kong

Government is going to face with. Exhibit 17

shows the data of it in H.K. in recent years.

Exhibit 17Annual Averages of Daily Particulate Pollutants

0

400

800

1,200

1,600

2,000

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

ug/m3

Sulfur dioxide Nitrogen oxidesNitric oxide Nitrogen dioxideCarbon monoxide OzoneTotal suspended particulates RSP

Source: H.K. SAR – Environ. Protection Depart. (2011) &

Environmental Performance Reports 2011

4.2.2 Water

Water conditions vary by different regions.

Exhibit 18 shows that.

Exhibit 18

Water Quality Index for Selected Rivers from 1984 to 2010

0

2

4

6

8

10

12

14

16

1984

1986

1988

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

Yuen LongCreek

Tuen MunRiver

Lam TsuenRiver

Shing MunRiver

Mui Wo River

Source: H.K. SAR – Environ. Protection Depart. (2011)

and Hong Kong Annual Digest of Statistics 2011

Remark: index excellent ≥ 4.5 ≥ good ≥ 7.5 ≥ general ≥

10.5 ≥ bad ≥ 13.5 ≥ very bad.

According to the data, one can see that

although the air pollution level and the water

quality index are very bad in the period of year

1999 to 2007, they are quite like 10 years

before now. Hong Kong and the near areas

such as Guangzhou and Shenzhen have less

and less manufacturing industries. Environment

will become more and more suitable for living.



- 13 -

Conclusion

Hong Kong is a small place. She must rely on

Mainland China to strengthen her industries’

types and advantages. China is changing

herself from a manufacturing country to a

consuming country. Providing services to China

and cooperating with China became the major

way for Hong Kong people to develop their

career. It can also create some new industries.

In Hong Kong, people can exchange his money

into various foreign currencies. They can also

transfer them to every country within the legal

limit. Therefore, Hong Kong is a world famous

financial center with high level of freedom. So

for a long time, financial services industry has

been one of the pillar industry in Hong Kong.

As Shanghai is now actively building herself as

financial, trading, logistic and cultural center of

China, what Hong Kong can do is to actively

exploit new business and new areas and to test

their feasibility. In one word, Hong Kong is now

taking the role as a pioneer of China economic

development.

Too many elements would change in the coming

two years. For both Chinese and Hong Kong

governments will turn to the next generation in

year 2012. What the new government would

focus on is unknown. However, economy

increase is still the very important indicator to

measure efficacy of a government.

Two year before, the current chief executive and

his team paid more and more attention on the

grassroots and the livelihood issues. But Hong

Kong is so small a place to resist the higher and

higher CPI. Moreover, there will be new voting

for the next generation of Chief Executive in

March 2012. While candidates present their

Political Programs, social conflicts will also be

stimulated.

- End of Report -

By: Jade Xuan

Analyst

(November 2011)



- 14 -

Jade Xuan

Disclaimer

This report was produced by a member company

of the Levin Human Resources Consul t ing

Group(“Group”). This report is for the use of the

intended recipients only and may not be reproduced

(in whole or in part) or delivered or transmitted to

any other person without our prior written consent.

By accepting this report, the recipient agrees to be

bound by the terms and limitations set out herein.

The information contained in this report has

been obtained from public sources believed to

be reliable and the opinions contained herein are

expressions of belief based on such information. No

representation or warranty, express or implied, is

made that such information or opinion is accurate,

complete or verified and it should not be relied

upon as such. This report does not constitute a

prospectus or other offering document. Information

and opinions contained in this report are published

for reference of the recipients and are not to be

relied upon as authoritative or without the recipient’s

own independent verification or taken in substitution

for the exercise of judgment by the recipient.

All opinions contained herein constitute the views of

the analyst(s) named in this report, they are subject

to change without notice and are not intended to

provide the sole basis of any evaluation of the

subject matter and content mentioned in this report.

No member company of the Group accepts any

liability whatsoever for any direct or consequential

loss arising from any use of the materials contained

in this report.

The analyst(s) named in this report certifies that

(i) all views expressed in this report accurately

reflect the personal views of the analyst(s) with

regards to any and all of the subject matter and

content mentioned in this report and (ii) no part

of the compensation of the analyst(s) was, is, or

will be, directly or indirectly, related to the specific

recommendation or views expressed herein.

Distribution or publication of this report in any other

places to persons which are not permitted under

the applicable laws or regulations of such places is

strictly prohibited.

levin human capital consulting group macro environment ... · - 3 - levin human capital consulting...

Documents